The Rise Of Oil In America

The Rise of Oil in America

There are people that are known as being amongst the most wealthy individuals in the world: Bill Gates, Warren Buffett, Larry Ellison, The Koch Brothers, and the Walton family are are frequently cited examples. All are well-established billionaires that have earned their spot in corporate history, but there has yet to come a business magnate that has surpassed the wealth of John D. Rockefeller and his family’s immensely prosperous corporate empire that sparked the rise of oil in America. Dating back to middle of the nineteenth century, the Rockefellers have positioned themselves atop the historical socioeconomic totem pole. Their business ventures had a knack for achieving incredibly high levels of success due to their masterfully orchestrated structure of operations, and their celebrated examples of philanthropic giving have aided and inspired countless numbers of people around the world. While the original Standard Oil Company- the flagship corporation of the Rockefeller family- technically ceased operations in 1911; they have not lost their prestige, and their influence on their industry and society has continued to the present day.

Today, ExxonMobil is the largest living descendant of The Standard Oil Company. it was originally two different companies before they merged in 1999. Exxon was formerly known as the Standard Oil Company of New Jersey, and Mobil was the Standard Oil Company of New York {also known as Socony}- both of these were once part of Rockefeller’s empire. Three oil companies- Esso, Enco, and Humble- formed Exxon; and they were officially united beneath the Exxon brand name in the early 1970’s. Mobil was comprised of thirty-three smaller organizations, and was initially called Socony-Vacuum. Socony-Vacuum constructed an enormous refinery on Staten Island that was capable of handling one quarter of a billion gallons of petrol and petrol related products per year. In 2005; ExxonMobil eclipsed General Electric as the world’s largest corporation in terms of market capitalization, due to the dramatic price rise of crude oil. The current net worth of the company is set at $357.1 billion. ExxonMobil is joined by several other large oil companies that also have historical ties to Standard Oil and the Rockefeller family, although ExxonMobil undoubtedly claims the most direct connection.

One hundred and forty-five years have passed since the Standard Oil Company opened for business, and just over a century ago that the original company was terminated. John D. Rockefeller and his children passed away many years ago. Yet the influence and legacy of the family has not perished. It is true that it isn’t quite as strong as it was in its heydey. Other companies and businesspeople from more recent years are probably more recognizable to many individuals in today’s generation, but even the most elite of the “one percent” of society cannot truly fill the metaphorical shoes of the Rockefeller family and the enormous wealth that they accumulated from their businesses over the years. It is worth over four times the value of Bill Gates’ fortune. They set an example and defied the stereotype of the stingy and apathetic billionaires with their long and well-documented history of philanthropy and sharing their wealth with the less fortunate. The Rockefeller Foundation is still in existence and active, and the lineage of the Standard Oil Company remain a pillar of the country’s oil and gas industry. It seems unlikely that U.S. will spawn another family like the Rockefellers- they were, in many ways, America’s most iconic example of aristocracy.